What Is Loss Control & Risk Management?

A loss control and risk management program seeks to reduce potential losses that could occur at your place of business. An effective program includes mitigation and damage control during an incident, claims management and recovering from the loss once it has occurred, and reviewing and implementing ways to prevent recurrence.

This is done by analyzing potential hazards and risks in the workplace, implementing controls, practices, policies, and training for employees on best safety practices. A loss control program can start small and evolve over time.

To sum it up? Loss control is having an effective safety and risk management program in place in order to protect your employees, assets, and keep your business goals on track.

Loss Control Team

A Loss Control team supports you and your business by taking a proactive approach to safety and loss control issues. They’re dedicated to working with you to build a safety program that increases the safety and security of your employees and assets.

Programs can employ a variety of approaches and techniques, including:

  • Conducting safety and health training for employees
  • Research of technical topics
  • Assistance in Federal regulation compliance
  • Safety and health audits
  • Assistance in fleet safety loss control program development
  • Assistance in construction safety programs and job site inspection programs
  • Ergonomic review of operations
  • Assistance in safety and health program development
  • Discovering hazards and developing recommendations for improvement

Types of Hazards in the Workplace

By understanding the various types of hazards in the workplace, business leaders become better prepared to eliminate them and avert potential damages. Workplace hazards usually fall into the following six categories:

  1. Safety hazards: Although they can affect any employee, safety hazards are more common among those who work in construction sites or handle machinery. Examples include vibration, electrical hazards, excess noise and operating dangerous machinery.
  2. Biological hazards: Biological hazards involve exposure to viruses or bacteria or any other dangerous substances that can result in health complications. They can cause hearing damage, breathing problems, skin irritation and muscle or joint pains. They mainly affect employees handling animals, infectious plant materials or those attending to other people.
  3. Ergonomic hazards: These are work conditions like poor body positioning, repetitive movement or manual handling that may strain the employee’s musculoskeletal system. Ergonomic workplace hazards’ effects are usually gradual.
  4. Chemical hazards: Sometimes, workplace situations may expose employees to hazardous substances like flammable gases, solvents, or harmful liquids. Continuous exposure to such chemicals may cause various complications like skin irritations, illnesses, and breathing issues.
  5. Physical hazards: These are environmental conditions that may harm employees, sometimes even without touching them, for example, height and excess pressure.
  6. Psychosocial hazards: These are situations that affect mental stability and influence how employees interact with one another. Exposure to psychosocial hazards may manifest in various ways, e.g., stress or restlessness.

OSHA outlines five basic steps:

  1. Elimination (involves removing the hazards physically)
  2. Substitution (replace the harmful factors with safer alternatives)
  3. Engineering controls (keeping people away from the hazardous areas)
  4. Administrative controls (changing how employees operate to isolate them from the hazard)
  5. Using personal protective equipment to keep the workers safe.

An important way to identify an organization’s safety vulnerabilities is by conducting an audit. Businesses can only develop strategies to eliminate hazards that they notice.

Although many workplace hazards exist across industries, some are unique to specific business lines or types of organizations. So, in addition to eliminating common accidents, pay close attention to safety vulnerabilities that are particular to your business.

Spencer-SHE has been providing Safety, Health, and Environmental Compliance Guidance since 1980.  Our team of specialists can provide a vulnerability audit and plan an effective safety and risk management program for your business.

Contact us here to help you to develop and maintain a safe and healthy workforce.